They propose to apply the average arithmetic mean in the gold sale to the BCV
posted on
Jun 01, 2009 04:24AM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
They propose to apply the average arithmetic mean in the gold sale to the BCV | ![]() |
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Monday, 01 of June of 2009 |
In order to look for alternatives before Resolution no. 09-04-03 emanated by the Ministry of Economy and Finances and the BCV, that it establishes that 70% of the gold production must be destined to the internal market and 30% to the export. and of 70% that will be placed 60% internamente is due to offer to Central bank and 10% to the national transforming sector, the technicians of the Mining Unit of the South propose that the gold purchase by the BCV does not become to regulated dollar but by means of the mathematical application of the average arithmetic mean between official dollar and international dollar. Omelio Cardozo Head, spokesman of the technicians of the Mining Unit of the South, considers that an average adjustment could mean the solution by means of which an economic balance for the gold purchase could settle down on the part of the Central bank from Venezuela when taking into account the principle of which the average arithmetic mean is not altered by a linear transformation of scale. In this case average between official and parallel dollar looks for a financial innovation looking for a reasonable and financially applicable harmonic proportion in these cases and that it could serve for other mercantile estates of the country. In that sense - Head declared for example, if the BCV comes paying to the gold to regulated dollar of 2,150 Bs/$ distributing 60 amounts you mediate approximate of Bs/gr and the gold producers come selling to international dollar 6,800 average of 130 Bs/$ obtaining Bs/gr; the average arithmetic mean is of approximately 113 Bs/gr., that could be a sensible price, equitable and just; apart from which it would generate in the people, natural and legal, marketing of the metal an important exchange gain that it would compensate the production costs. It ratified, Prof. Omelio Head, that this solution tends to come near substantially to international the competitive parameters. It is possible to emphasize that the BCV has the opportunity to obtain indices of higher yield making use of this competitiveness at international level. This operativity, in real economic terms, will serve to capitalize the producing gold companies, to thousands of producers of gold that toil in the small mining and to all the communities of the south of Guayana that could continue being taken care of in the social aspect in the matter of house, education, health and urban development. |